Leading governance adviser Institutional Shareholder Services (ISS) has recommended Generali investors vote to hand CEO Philippe Donnet another term at a general meeting on April 24.
Donnet has been put forward as a candidate by the insurer’s main investor Mediobanca.
ISS recommended voting for Mediobanca’s slate of board nominees, and against two others. One of these was submitted by another major Generali investor who is a longtime Donnet opposer, while the other was submitted by a group of Italian fund managers.
“Overall, the company has been performing well in recent years, and supporting the slate of candidates submitted by Mediobanca appears the best option for ensuring strategic and management continuity,” ISS said.
“Supporting alternative slates might entail significant risk of ungovernability and strategic disruption,” it added in a proxy voting report for investors seen by Reuters.
(Reporting by Valentina Za)
Photograph: Philippe Donnet, chief executive officer of Assicurazioni Generali SpA. Photo credit: Generali.
Related:
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- Generali’s Long-Standing Shareholder Dispute Reignited by Vacant Board Seat
- Generali’s Board Reappoints CEO Without Support From Rebel Investors: Sources
- Generali’s CEO Survives Leadership Challenge, but Rebels Take Board Seats
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